UPDATE: Stephens Starts Sunrun (RUN) at Overweight
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(Updated - June 24, 2021 4:38 PM EDT)
Stephens analyst Gail Nicholson initiates coverage on Sunrun (NASDAQ: RUN) with a Overweight rating and a price target of $82.00.
The analyst commented, "Sunrun (RUN) invented the residential solar service model and as of 1Q21 had 573K+ customers with a cumulative installed capacity of 4+ GW. RUN is a U.S. market leader in residential solar and by
’25 we estimate is 23% of the U.S. market (vs. ~20% in ’20). The company has several avenues (examples: batteries, larger systems, & grid services) to further increase its net subscriber value and we are modeling net subscriber value is over $13K by YE’25 (up from $8,200 in 1Q21). We are modeling U.S. residential solar capacity growth of ~20% over the next 3 years (’21-’23), which should drive value creation and shareholder appreciation. We believe RUN's current stock price is an attractive entry point for investors (trading ~15% below our bear case). We are initiating coverage with an $82 price target and OW rating."
Shares of Sunrun closed at $55.85 yesterday.
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